This sudden surge comes just as NFT innovators are beginning to reimagine what it means to engage in online collection or digital ownership.
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Most NFTs function right now as digital collectibles, traded on marketplaces like the ever-popular OpenSea.
The site saw $3.4 billion in trading volume in August, 10 times the trade volume in July.
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Although valuations in the NFT market have fallen, it seems that it has given way to an exploration of other use cases.
Co-Founder of Solana, Anatoly Yakovenko, announced the launch of Saga, an Android Web3-based smartphone and SMS software kit.
'Flatlining' may not be the order of the day, but there are certainly some significant developments in the NFT market.
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Changpeng Zhao explained he has yet to ask Musk for a detailed plan but that charging for comments and blue ticks are both in the pipeline.
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That kid who created his own $400,000 NFT project, Benyanub Ahmed, joined another successful NFT group. Together, their sales volume moved past the $5 million mark after just three weeks.
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Goldman Sachs has announced they are exploring NFT's- Why? Despite being a playground for collectibles, for some its the logical next step for incumbents.
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The value of investment into the NFT art market has increased significantly, jumping from $31 Million to $755 Million.
The World Intellectual Property Organization (WIPO) and European Union are exploring a new idea around using NFTs to protect intellectual rights and prevent counterfeiting.